Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q2 2022 filing in brief
In its Q2 2022 13F, filed August 15, 2022, Fundsmith reported $22.7B across 43 US positions. The largest: MSFT (11.4%), PM (7.2%), EL (6.7%), MKC (5.7%), IDXX (5.6%). In the quarter it opened 0 positions, sold out of 1, added to 12 and trimmed 6; positions opened and sold out came to 2.9% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed Aug 15, 2022
- 0 New
- 12 Added
- 6 Trimmed
- 1 Exited
43 positions at June 30, 2022. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | $2.6B | 10.0M | 11.36% | 0.0% | Held |
| 2 | PM | PHILIP MORRIS INTERNATIONAL | $1.6B | 16.5M | 7.18% | +0.1% | Held |
| 3 | EL | ESTEE LAUDER COMPANIES CL A | $1.5B | 6.0M | 6.69% | +2.7% | Added |
| 4 | MKC | MCCORMICK & CO NON VTG SHRS | $1.3B | 15.5M | 5.69% | 0.0% | Held |
| 5 | IDXX | IDEXX LABORATORIES INC | $1.3B | 3.6M | 5.60% | 0.0% | Held |
| 6 | WAT | WATERS CORP | $1.2B | 3.7M | 5.39% | 0.0% | Held |
| 7 | SYK | STRYKER CORP | $1.2B | 6.0M | 5.31% | +3.5% | Added |
| 8 | PEP | PEPSICO INC | $1.2B | 7.1M | 5.25% | −8.6% | Trimmed |
| 9 | ADP | AUTOMATIC DATA PROCESSING | $1.2B | 5.6M | 5.16% | 0.0% | Held |
| 10 | V | VISA INC CLASS A SHARES | $1.1B | 5.6M | 4.89% | 0.0% | Held |
| 11 | INTU | INTUIT INC | $914M | 2.4M | 4.03% | −21.1% | Trimmed |
| 12 | META | META PLATFORMS INC-CLASS A | $883M | 5.5M | 3.90% | 0.0% | Held |
| 13 | BF.B | BROWN FORMAN CORP CLASS B | $857M | 12.2M | 3.78% | +3.6% | Added |
| 14 | CHD | CHURCH AND DWIGHT ORD | $782M | 8.4M | 3.45% | +0.1% | Held |
| 15 | ADBE | ADOBE ORD | $772M | 2.1M | 3.41% | +9.7% | Added |
| 16 | AMZN | AMAZON COM ORD | $720M | 6.8M | 3.18% | +1900.3% | Added |
| 17 | NKE | NIKE INC CL B | $688M | 6.7M | 3.03% | 0.0% | Held |
| 18 | PYPL | PAYPAL HOLDINGS INC | $674M | 9.7M | 2.97% | −7.9% | Trimmed |
| 19 | MTD | METTLER TOLEDO ORD | $621M | 540.5K | 2.74% | +31.0% | Added |
| 20 | SABR | SABRE CORP | $131M | 22.5M | 0.58% | −0.9% | Held |
| 21 | FTNT | FORTINET ORD | $130M | 2.3M | 0.57% | +395.5% | Added |
| 22 | QLYS | QUALYS INC | $117M | 930.2K | 0.52% | −0.9% | Held |
| 23 | VRSN | VERISIGN INC | $112M | 667.5K | 0.49% | +6.5% | Added |
| 24 | 3M4 | MASIMO CORP | $99M | 756.3K | 0.44% | −0.6% | Held |
| 25 | VRSK | VERISK ANALYTICS INC | $91M | 524.8K | 0.40% | −25.5% | Trimmed |
| 26 | AKX | ANSYS INC | $91M | 379.1K | 0.40% | −18.6% | Trimmed |
| 27 | EFX | EQUIFAX INC | $90M | 490.1K | 0.40% | −0.9% | Held |
| 28 | CGNX | COGNEX CORP | $87M | 2.0M | 0.38% | +6.8% | Added |
| 29 | MSCI | MSCI INC | $86M | 209.1K | 0.38% | −0.9% | Held |
| 30 | IPGP | IPG PHOTONICS CORP | $80M | 845.3K | 0.35% | −0.9% | Held |
| 31 | PAYC | PAYCOM SOFTWARE INC | $72M | 255.7K | 0.32% | −0.9% | Held |
| 32 | ROL | ROLLINS ORD | $66M | 1.9M | 0.29% | −17.7% | Trimmed |
| 33 | WING | WINGSTOP ORD | $62M | 825.5K | 0.27% | −0.8% | Held |
| 34 | JNJ | JOHNSON & JOHNSON | $49M | 273.5K | 0.21% | +12.8% | Added |
| 35 | PG | PROCTER & GAMBLE ORD | $45M | 312.6K | 0.20% | +0.7% | Held |
| 36 | HD | HOME DEPOT ORD | $42M | 151.5K | 0.18% | +2.3% | Added |
| 37 | GOOGL | ALPHABET CL A ORD | $42M | 381.3K | 0.18% | +0.2% | Held |
| 38 | ZTS | ZOETIS CL A ORD | $38M | 222.1K | 0.17% | +0.7% | Held |
| 39 | MELI | MERCADOLIBRE | $15M | 24.2K | 0.07% | 0.0% | Held |
| 40 | WNSN | WNS HOLDINGS - ADR | $14M | 193.2K | 0.06% | 0.0% | Held |
| 41 | — | Genpact Ltd | $13M | 317.3K | 0.06% | 0.0% | Held |
| 42 | TSM | Taiwan Semiconductor Manufacturing US ADR | $13M | 155.6K | 0.06% | +9.8% | Added |
| 43 | — | XP CLASS A | $5M | 253.4K | 0.02% | 0.0% | Held |
1 exited position
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| SBUX | STARBUCKS CORP | $749M | 8.2M |
Every quarter on file (54)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.